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efficient portfolio management

    52(in COLL and in accordance with article 11 of the UCITS eligible assets Directive) techniques and instruments which relate to transferable securities and approved money-market instruments and which fulfil the following criteria:

      1. (a) they are economically appropriate in that they are realised in a cost effective way;
      1. (b) they are entered into for one or more of the following specific aims:
        1. (i) reduction of risk;
        1. (ii) reduction of cost;
        1. (iii) generation of additional capital or income for the scheme with a risk level which is consistent with the risk profile of the scheme and the risk diversification rules laid down in COLL.